G.19 CONSUMER CREDIT For release at 3 p.m. (Eastern Time) 1 December 2005 February 7, 2006 Consumer credit increased 3 percent in 2005. In the fourth quarter, consumer credit was about unchanged, after increasing at an annual rate of 5-1/4 percent in the third quarter. In December, consumer credit rose at nearly a 2 percent pace. CONSUMER CREDIT OUTSTANDING 1 Seasonally adjusted --------------------------------------------------------------------------------------------------------------------------------------- 2004 2005 _______ _______________________________________________________ 2001 2002 2003 2004 2005 p Q4 Q1 Q2 Q3 r Q4 p Oct r Nov r Dec p --------------------------------------------------------------------------------------------------------------------------------------- Percent change at annual rate 2,3 Total 7.7 4.7 4.6 4.4 3.0 4.3 2.7 4.4 5.3 -0.6 -4.0 0.3 1.9 Revolving 5.6 2.7 2.7 3.8 2.6 1.9 -0.3 4.6 6.6 -0.5 -1.5 1.3 -1.4 Nonrevolving 4 9.1 6.0 5.7 4.8 3.2 5.7 4.6 4.2 4.5 -0.6 -5.5 -0.3 3.8 Amount: billions of dollars Total 1835.6 1921.9 2009.9 2099.0 2161.5 2099.0 2113.4 2136.4 2164.8 2161.5 2157.6 2158.2 2161.5 Revolving 713.3 732.7 752.8 781.1 801.3 781.1 780.4 789.3 802.4 801.3 801.4 802.3 801.3 Nonrevolving 4 1122.2 1189.2 1257.1 1317.9 1360.2 1317.9 1333.0 1347.1 1362.4 1360.2 1356.2 1355.9 1360.2 --------------------------------------------------------------------------------------------------------------------------------------- TERMS OF CREDIT AT COMMERCIAL BANKS AND FINANCE COMPANIES 5 Percent except as noted: not seasonally adjusted --------------------------------------------------------------------------------------------------------------------------------------- Institution, terms, and type of loan --------------------------------------------------------------------------------------------------------------------------------------- Commercial banks Interest rates 48-mo. new car 8.50 7.62 6.93 6.60 7.08 6.71 6.86 6.93 7.08 7.46 n.a. 7.46 n.a. 24-mo. personal 13.22 12.54 11.95 11.89 12.02 11.84 12.01 12.03 12.22 11.83 n.a. 11.83 n.a. Credit card plan All accounts 14.87 13.40 12.30 12.71 12.50 12.50 12.21 12.76 12.48 12.57 n.a. 12.57 n.a. Accounts assessed interest 14.46 13.11 12.73 13.21 14.54 13.92 14.13 14.81 14.75 14.48 n.a. 14.48 n.a. New car loans at auto finance companies Interest rates 5.65 4.29 3.40 4.36 5.45 5.01 4.86 5.18 5.80 5.97 6.13 6.40 5.39 Maturity (months) 55.1 56.8 61.4 60.5 60.1 61.3 59.3 59.5 60.2 61.2 61.4 60.6 61.7 Loan-to-value ratio 91 94 95 89 88 84 86 88 88 89 90 88 88 Amount financed (dollars) 22,822 24,747 26,295 24,888 24,131 24,376 24,116 23,477 24,575 24,356 24,209 24,174 24,686 --------------------------------------------------------------------------------------------------------------------------------------- This release is issued around the fifth business day of each month. The exact date and time may be obtained by calling (202) 452 - 3206. Footnotes appear on reverse. 1 CONSUMER CREDIT OUTSTANDING (Billions of dollars) Not seasonally adjusted --------------------------------------------------------------------------------------------------------------------------------------------- 2004 2005 _______ _______________________________________________________ 2001 2002 2003 2004 2005 p Q4 Q1 Q2 Q3 r Q4 p Oct r Nov r Dec p --------------------------------------------------------------------------------------------------------------------------------------------- Total 1862.0 1949.0 2037.5 2128.4 2191.7 2128.4 2103.5 2122.4 2166.2 2191.7 2162.4 2167.1 2191.7 Major holders Total 1862.0 1949.0 2037.5 2128.4 2191.7 2128.4 2103.5 2122.4 2166.2 2191.7 2162.4 2167.1 2191.7 Commercial banks 568.4 602.6 669.4 704.3 716.4 704.3 683.1 684.0 708.2 716.4 710.8 706.2 716.4 Finance companies 238.1 237.8 295.4 366.8 357.7 366.8 360.9 355.6 362.0 357.7 363.7 363.3 357.7 Credit unions 189.6 195.7 205.9 215.4 231.1 215.4 216.7 221.4 230.1 231.1 229.5 229.8 231.1 Federal government and Sallie Mae 119.5 129.6 114.7 98.4 102.1 98.4 100.6 98.6 103.9 102.1 104.0 102.8 102.1 Savings institutions 71.1 68.7 77.9 91.3 102.9 91.3 90.8 94.0 99.4 102.9 100.6 101.7 102.9 Nonfinancial business 75.6 77.5 63.3 64.7 63.7 64.7 60.9 61.1 63.1 63.7 60.1 60.1 63.7 Pools of securitized assets 6 599.7 637.1 611.0 587.6 617.9 587.6 590.5 607.8 599.5 617.9 593.8 603.3 617.9 Major types of credit 7 Revolving 733.8 753.9 774.9 805.0 825.8 805.0 773.5 785.5 796.7 825.8 795.9 805.3 825.8 Commercial banks 234.9 246.4 285.0 314.6 320.3 314.6 288.0 293.7 300.6 320.3 303.4 308.8 320.3 Finance companies 31.5 38.9 37.6 40.5 48.8 40.5 41.6 44.5 46.2 48.8 47.2 48.2 48.8 Credit unions 22.3 22.2 22.4 23.2 24.8 23.2 22.3 22.8 23.3 24.8 23.4 23.8 24.8 Federal government and Sallie Mae n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Savings institutions 17.9 16.3 23.8 27.9 30.8 27.9 27.2 28.2 29.9 30.8 30.2 30.5 30.8 Nonfinancial business 37.4 39.8 19.4 17.9 15.4 17.9 17.2 17.3 19.1 15.4 15.8 14.9 15.4 Pools of securitized assets 6 389.7 390.3 386.7 380.8 385.7 380.8 377.2 379.0 377.7 385.7 375.9 379.1 385.7 Nonrevolving 1128.2 1195.0 1262.6 1323.5 1365.9 1323.5 1330.0 1336.9 1369.4 1365.9 1366.4 1361.8 1365.9 Commercial banks 333.5 356.2 384.4 389.6 396.1 389.6 395.1 390.2 407.6 396.1 407.4 397.4 396.1 Finance companies 206.6 198.8 257.8 326.3 308.8 326.3 319.3 311.1 315.8 308.8 316.5 315.1 308.8 Credit unions 167.3 173.5 183.5 192.1 206.3 192.1 194.4 198.6 206.8 206.3 206.0 206.0 206.3 Federal government and Sallie Mae 119.5 129.6 114.7 98.4 102.1 98.4 100.6 98.6 103.9 102.1 104.0 102.8 102.1 Savings institutions 53.2 52.4 54.0 63.4 72.1 63.4 63.6 65.8 69.5 72.1 70.4 71.2 72.1 Nonfinancial business 38.2 37.7 44.0 46.8 48.3 46.8 43.7 43.8 44.0 48.3 44.2 45.2 48.3 Pools of securitized assets 6 209.9 246.8 224.3 206.9 232.3 206.9 213.3 228.8 221.8 232.3 217.9 224.2 232.3 1. Covers most short- and intermediate-term credit extended to individuals, excluding loans secured by real estate. 2. The series for consumer credit outstanding and its components may contain breaks that result from discontinuities in source data. Growth rates are adjusted to exclude the effect of such breaks. 3. Percent changes are at a simple annual rate and are calculated from unrounded data. 4. Includes automobile loans and all other loans not included in revolving credit, such as loans for mobile homes, education, boats, trailers, or vacations. These loans may be secured or unsecured. 5. Interest rates are annual percentage rates (APR) as specified by the Federal Reserve's Regulation Z. Interest rates for new-car loans and personal loans at commercial banks are simple unweighted averages of each bank's most common rate charged during the first calendar week of the middle month of each quarter. For credit card accounts, the rate for all accounts is the stated APR averaged across all credit card accounts at all reporting banks. The rate for accounts assessed interest is the annualized ratio of total finance charges at all reporting banks to the total average daily balances against which the finance charges were assessed (excludes accounts for which no finance charges were assessed). Finance company data are from the subsidiaries of the three major U.S. automobile manufacturers and are volume-weighted averages covering all loans of each type purchased during the month. 6. Outstanding balances of pools upon which securities have been issued; these balances are no longer carried on the balance sheets of the loan originators. 7. Includes estimates for holders that do not separately report consumer credit holding by type. r=revised. p=preliminary.